Company registration number:
08296030
GOLDENBERG ASSETS LTD
Unaudited filleted financial statements
30 November 2019
GOLDENBERG ASSETS LTD
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
GOLDENBERG ASSETS LTD
Statement of financial position
30 November 2019
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2019
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2018
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Note
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$
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$
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$
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$
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Fixed assets
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Tangible assets
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4
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660,201
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564,075
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Creditors: amounts falling due
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within one year
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5
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(
19,105)
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(
17,507)
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_______
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_______
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Net current liabilities
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(
19,105)
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(
17,507)
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________
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________
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Total assets less current liabilities
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641,096
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546,568
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________
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________
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Net assets
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641,096
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546,568
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________
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________
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Capital and reserves
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Called up share capital
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6
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716,000
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716,000
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Fair value reserve
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(
49,799)
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(
145,925)
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Profit and loss account
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(
25,105)
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(
23,507)
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________
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________
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Shareholders funds
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641,096
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546,568
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________
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________
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For the year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
18 August 2020
, and are signed on behalf of the board by:
Katerina Lancova
Director
Company registration number:
08296030
GOLDENBERG ASSETS LTD
Statement of changes in equity
Year ended 30 November 2019
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Called up share capital
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Fair value reserve
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Profit and loss account
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Total
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$
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$
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$
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$
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At 1 December 2017
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716,000
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(
121,328)
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(
20,605)
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574,067
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________
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________
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________
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________
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Profit/(loss) for the year
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(
27,499)
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(
27,499)
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Other comprehensive income for the year:
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Reclassification from profit and loss account to fair value reserve
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-
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(
24,597)
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24,597
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-
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________
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________
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________
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________
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Total comprehensive income for the year
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-
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(
24,597)
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(
2,902)
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(
27,499)
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________
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________
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________
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________
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At 30 November 2018 and 1 December 2018
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716,000
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(
145,925)
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(
23,507)
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546,568
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________
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________
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________
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________
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Profit/(loss) for the year
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94,528
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94,528
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Other comprehensive income for the year:
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Reclassification from profit and loss account to fair value reserve
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-
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96,126
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(
96,126)
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-
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________
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________
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________
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________
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Total comprehensive income for the year
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-
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96,126
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(
1,598)
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94,528
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________
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________
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________
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________
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At 30 November 2019
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716,000
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(
49,799)
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(
25,105)
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641,096
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________
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________
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________
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________
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GOLDENBERG ASSETS LTD
Notes to the financial statements
Year ended 30 November 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is NWMS Center, 31 Southampton Row, Office 3.11, 3rd Floor, London, WC1B 5HJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.
The financial statements are presented in U.S. dollars which is the functional currency of the entity and rounded to the nearest $.
Going concern
The realisable value of the company's investments and future profitability remain uncertain. However, the director has reasonable expectation that the company will continue to obtain finance from its shareholder, providing adequate resources for it to continue in operational existence for the foreseeable future. The director therefore continues to adopt the going concern basis in preparing the company's financial statements.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
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Freehold property
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$
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Cost or valuation
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At 1 December 2018
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564,075
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Revaluation
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96,126
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________
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At 30 November 2019
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660,201
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________
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Depreciation
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At 1 December 2018 and 30 November 2019
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-
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________
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Carrying amount
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At 30 November 2019
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660,201
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________
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At 30 November 2018
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564,075
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________
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4. 1.
Investment property
Included within the above is investment property as follows:
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$
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At 1 December 2018
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564,075
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Fair value adjustment
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96,126
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________
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At 30 November 2019
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660,201
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________
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5.
Creditors: amounts falling due within one year
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2019
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2018
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$
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$
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Amounts owed to parent undertaking
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17,126
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12,331
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Other creditors
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1,979
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5,176
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_______
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_______
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19,105
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17,507
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_______
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_______
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6.
Called up share capital
Issued, called up and fully paid
2019
2018
No
$
No
$
Ordinary shares of USD 1.519 each
471,322
716,000
471,322
716,000
________
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_________
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________
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_________
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The share capital of the company is issued in pound sterling - 471,322 Ordinary shares of £1 each. The called up share capital is stated in the statement of financial position in U.S. dollars at the rate of exchange prevailing on the date of issue.
7.
Related party transactions
During the year, the parent undertaking paid various expenses on behalf of the company. The amount owed by the company to its parent undertaking at the reporting date was USD17,126 (2018 - USD12,331). This is an unsecured interest-free loan repayable on demand.
8.
Controlling party
The company's parent undertaking is
Nebos Ltd
, a company registered in British Virgin Islands. The ultimate parent undertaking is Katan Investments Ltd
, a company registered in Belize.